55/59 Grange Road Management Limited Filleted accounts for Companies House (small and micro)

55/59 Grange Road Management Limited Filleted accounts for Companies House (small and micro)

55/59 GRANGE ROAD MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06530680
55/59 Grange Road Management Limited
Unaudited Financial Statements
31 December 2018
55/59 Grange Road Management Limited
Directors' Report
Year ended 31 December 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018 .
Principal activities
The principal activity of the company is the freeholder of 55-59 Grange Road, Ealing.
Directors
The directors who served the company during the year were as follows:
N. Pope
J. De Souza
M. Smith
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 September 2019 and signed on behalf of the board by:
J.De Souza Director
Registered office:
Building 3 Chiswick Park
566 Chiswick High Road
London
W4 5YA
55/59 Grange Road Management Limited
Statement of Income and Retained Earnings
Year ended 31 December 2018
2018
2017
Note
£
£
Turnover
4
800
800
----
----
Gross profit
800
800
Administrative expenses
427
420
----
----
Operating profit
373
380
Other interest receivable and similar income
5
2
2
----
----
Profit before taxation
375
382
Tax on profit
6
70
74
----
----
Profit for the financial year and total comprehensive income
305
308
----
----
All the activities of the company are from continuing operations.
55/59 Grange Road Management Limited
Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
7
51,655
51,655
Current assets
Cash at bank and in hand
3,953
4,029
Creditors: amounts falling due within one year
8
3,521
3,902
-------
-------
Net current assets
432
127
--------
--------
Total assets less current liabilities
52,087
51,782
--------
--------
Net assets
52,087
51,782
--------
--------
Capital and reserves
Called up share capital
9
10
10
Share premium account
10
51,645
51,645
Profit and loss account
10
432
127
--------
--------
Shareholders funds
52,087
51,782
--------
--------
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:
J.De Souza Director
Company registration number: 06530680
55/59 Grange Road Management Limited
Statement of Cash Flows
Year ended 31 December 2018
2018
2017
£
£
Cash flows from operating activities
Profit for the financial year
305
308
Adjustments for:
Other interest receivable and similar income
( 2)
( 2)
Tax on profit
70
74
Accrued income
–
( 290)
Changes in:
Trade and other creditors
( 378)
24
----
----
Cash generated from operations
( 5)
114
Interest received
2
2
Tax paid
( 73)
( 188)
----
----
Net cash used in operating activities
( 76)
( 72)
----
----
Net decrease in cash and cash equivalents
( 76)
( 72)
Cash and cash equivalents at beginning of year
4,029
4,101
-------
-------
Cash and cash equivalents at end of year
3,953
4,029
-------
-------
55/59 Grange Road Management Limited
Notes to the Financial Statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 3 Chiswick Park, 566 Chiswick High Road, London, W4 5YA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents ground rents receivable during the year. The amounts receivable are recognised based on the period that they relate to.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Freehold property is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Turnover
Turnover arises from:
2018
2017
£
£
Ground rents receivable
800
800
----
----
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other interest receivable and similar income
2018
2017
£
£
Interest on cash and cash equivalents
2
2
----
----
6. Tax on profit
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
70
74
----
----
Tax on profit
70
74
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2017: the same as) the standard rate of corporation tax in the UK of 19 % (2017: 19.25 %).
2018
2017
£
£
Profit on ordinary activities before taxation
375
382
----
----
Profit on ordinary activities by rate of tax
70
74
----
----
7. Tangible assets
Land and buildings
£
Cost
At 1 January 2018 and 31 December 2018
51,655
--------
Depreciation
At 1 January 2018 and 31 December 2018
–
--------
Carrying amount
At 31 December 2018
51,655
--------
At 31 December 2017
51,655
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Accruals and deferred income
324
324
Corporation tax
71
74
Other creditors
3,126
3,504
-------
-------
3,521
3,902
-------
-------
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
10. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.